THE MALAYSIAN RESERVE

THE STAR

东方日报

MALAY MAIL

THE STRAITS TIMES

The Star

2023 Budget and Economic Prospects

• The retabling of new Budget 2023 reinforces economic resilience; addressing immediate concerns about cost of living pressures; and implementing reforms for growth and business sustainability.

• Ministry of Finance (MOF) expects the economy to slow to 4.5% in 2023 (2022: 8.7%) from an estimated 4.0%-5.0% in the original Budget due to:

  i. Slower global economy;

  ii. Normalisation of domestic demand; and

  iii. Decelerating exports;

2023 Budget – Measures and Initiatives

• The fiscal policy remains expansionary and continues focusing on improving the inequality and sustainability agenda.

• FOR RAKYAT: Financial assistance and subsidies as well as equality measures (personal tax adjustment, shift of wealth, social protection, etc.) aim for a more targeted and fairer economy.

• FOR BUSINESSES AND INVESTMENT: Incentives, financing and loan facilities, assistance for SMEs, agriculture and tourism remain supportive.

• FOR SUSTAINABILITY: Green initiatives and Environmental, Social and Governance (ESG); financing for sustainable Development; and 5G infrastructure.

The Associated Chinese Chambers of Commerce and Industry of Malaysia’s (ACCCIM) Malaysia’s Business and Economic Conditions Survey (M-BECS) was conducted from 15 November 2022 to 31 January 2023, covering the second half-year of 2022 (Jul-Dec 2022) and expectations for the first half-year of 2023 (Jan-Jun 2023), has received 761 responses.

The survey is a good barometer to gauge Malaysian Chinese business community’s assessment and expectations about domestic business and economic conditions as well as their prospects.

It covers questions to measure expectations about the prospects of economic and business performance; the main factors affecting business performance; and to gauge the implications of current issues and challenges faced by businesses.

This survey report is collaborated with and prepared by Socio-Economic Research Centre (SERC).

ACCCIM Malaysia's Business and Economic Conditions Survey (M-BECS) Report 2H 2022 and 1H 2023F

To view full report and presentation slides, please follow the link below:

https://www.acccimserc.com/research/m-becs2h20221h2023f

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